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Wesdome Gold Mines Announces 2022 First Quarter Production Results
TORONTO, April 14, 2022 (GLOBE NEWSWIRE) -- Wesdome Gold Mines Ltd. (TSX: WDO) (“Wesdome” or the “Company”) today announces first quarter (“Q1”) 2022 production
About this update from Wesdome Gold Mines Ltd.
[{"type":"text","content":" TORONTO, April 14, 2022 (GLOBE NEWSWIRE) -- Wesdome Gold Mines Ltd. (TSX: WDO) (“Wesdome” or the “Company”) today announces first quarter (“Q1”) 2022 production results. All figures are in Canadian dollars unless otherwise stated. Duncan Middlemiss, President and CEO, commented, “Wesdome’s first quarter combined production of 25,611 oz (up 14% from Q1 2021) was essentially in line with expectations and represents the low quarterly production for the year, as we made significant investments in the business during the quarter to set us up for a stronger second half at both assets. At Eagle, we will have additional ore available from the Falcon Zone, which is expected to boost both volume and grade. At Kiena, the ramp up has been impacted by unscheduled downtime related to the underground crusher. As well, some equipment delays and staff absences in the beginning of the year due to the outbreak of the Omicron variant impacted development, hence the lower grade in Q1. These challenges have largely been rectified, and commercial production is on track for mid year. This is a transformational year for Wesdome as Eagle continues its 100,000 plus ounce per year run rate, and as we begin to hit our stride with full commercial production at Kiena, getting that much closer to our stated objective of becoming Canada’s next intermediate gold producer.” Amounts are denominated in Canadian dollars First Quarter 2022 2021 Variance % +/(-) Ore milled (tonnes) Eagle River 53,217 53,540 -323 (1%) Mishi 11,873 17,219 -5,346 (31%) Kiena 21,162 0 21,162 0% Total Ore Milled 86,252 70,759 15,493 22% Head grade (grams per tonne, “g/t”) Eagle River 11.6 12.8 (1.2) (9%) Mishi 3.6 2.5 1.1 44% Kiena 7.7 0 7.7 0% Gold production (ounces) Eagle River 19,334 21,396 -2,062 (10%) Mishi 1,165 1,169 -4 (0%) Kiena 5,112 0 5,112 0% Total Gold Production 25,611 22,564 3,047 14% Production sold (ounces)3 28,000 22,457 5,543 25% Revenue from gold sales ($ millions)4 $66.6 $45.9 $20.7 45% Average realized price per ounce2 $2,379 $2,223 $156 7% &n...